HOUSTON, Oct. 2, 2014 /PRNewswire/ -- Natural
Resource Partners L.P. (NYSE:NRP) today reported that it has
closed the acquisition of VantaCore Partners LP, a privately held
limited partnership specializing in the construction materials
industry, for $205 million.
The acquisition was funded in part by issuing approximately
$36 million in common units to
certain of the sellers, including Kayne Anderson Energy Development
Company, Hartz Alternative Investments, LLC and members of
VantaCore's management team. NRP funded the remaining
$169 million through borrowings under
NRP (Operating) LLC's revolving credit facility.
Company Profile
Natural Resource Partners L.P. ("NRP") is a master limited
partnership headquartered in Houston,
TX, with its operations headquarters in Huntington, WV. NRP is a diversified
natural resource company principally engaged in the business of
owning and managing mineral reserve properties. NRP owns
interests in coal, aggregates and industrial minerals, and oil and
gas across the United States that generate royalty and
other income for the partnership. In addition, NRP owns an
equity investment in OCI Wyoming, a trona/soda ash operation, owns
non-operated working interests in oil and gas properties and owns
VantaCore, ranked as one of the top 25 aggregates producers in
the United States.
For additional information, please contact Kathy H. Roberts at 713-751-7555 or
kroberts@nrplp.com. Further information about NRP is
available on the partnership's website at http://www.nrplp.com.
Forward-Looking Statements
This press release may
include "forward-looking statements" as defined by the Securities
and Exchange Commission ("SEC"). All statements, other than
statements of historical facts included in this press release that
address activities, events or developments that the partnership
expects, believes or anticipates will or may occur in the future
are forward-looking statements. These statements are based on
certain assumptions made by the partnership based on its experience
and perception of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
in the circumstances. Such statements are subject to a number
of assumptions, risks and uncertainties, many of which are beyond
the control of the partnership. These risks include, but are
not limited to, decreases in demand for coal, aggregates and
industrial minerals and oil and gas; changes in operating
conditions and costs; production cuts by our lessees; commodity
prices; unanticipated geologic problems; changes in the legislative
or regulatory environment and other factors detailed in NRP's SEC
filings. In addition, there are significant risks and uncertainties
relating to NRP's acquisition and ownership of VantaCore and
VantaCore's performance over the short and long terms. The
assumptions on which NRP's estimates of future results of the
business have been based, which include prices and demand for
VantaCore's products, production levels, economic and market
conditions, and reserves and other geologic conditions, may prove
to be incorrect in a number of material ways, resulting in our not
realizing the expected benefits of the acquisition. NRP has
no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
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SOURCE Natural Resource Partners L.P.